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the deficit, nobody wants there to be a deficit, but that's not the pressing need we've got as a nation. growing the economy, frankly, is the only way we have gotten rid of red ink in the past. when americans are better off, they pay more in taxes. the government can pay for the usual things and pay down the debt. president clinton, the surplus, he got that partly from raising revenue. raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary got shut off. that was because of prioritizing economic growth and being willing to raise revenues. look when we started growing again after the recession. it was not long after the stimulus kicked in. the government spent money and the economy grew. that's how it works. that's why it used to be a beltway consensus when the economy needed to e grow, you needed economic stimulus in terms of your fiscal policy. now the discussion about how we need to make sure we contract the economy and cause as much pain as p
the deficit, nobody wants there to be a deficit, but that's not the pressing need we've got as a nation. growing the economy, frankly, is the only way we have gotten rid of red ink in the past. when americans are better off, they pay more in taxes. the government can pay for the usual things and pay down the debt. president clinton, the surplus, he got that partly from raising revenue. raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became...
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durbin said social security hasn't added a dime to the deficit. in 2012 it added $160 billion of debt. that is more than a dime. there are 2.5 trillion in the trust fund in social security that will take care of it for 20 more years, 25 more years. that means pieces of paper in the trust fund where the treasury says we will pay you. it doesn't have the money. it spent surpluss in the past. that's a promise from the treasury which is pank ru bankrupt. that is infection but they know it. the republicans are bad guys these are good guys. surprising to me the president wokd get the revenues he wants from de deductions and exclusions. it is on rates not for economic reasons but political. he wants to break the backs of republicans. it this is a continuation of his campaign he thinks he wants it and now he wants to drive the steak through it. it is all about politics nothing about economics. >> democratic congressman chris van holland appeared on special report. there are cuts to the president's budget but republicans haven't paid attention to them. >>
durbin said social security hasn't added a dime to the deficit. in 2012 it added $160 billion of debt. that is more than a dime. there are 2.5 trillion in the trust fund in social security that will take care of it for 20 more years, 25 more years. that means pieces of paper in the trust fund where the treasury says we will pay you. it doesn't have the money. it spent surpluss in the past. that's a promise from the treasury which is pank ru bankrupt. that is infection but they know it. the...
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and that social security has nothing to do with the deficit. it is solvent and until 2037. medicare is solvent until 2024. you think where we're at, i know as i listen then the question would the republicans get anything, i don't even want to use the word conceding coming together on behalf of the american people where 62% believe on november 6th when the race was over the vote was really on whether or not should be a fair tax burden on those --. melissa: i'll give that to you. let's go ahead and raise taxes. say we do that. that doesn't get us close to solving the problem. i mean we still have $16.3 trillion in debt. we are still running $4 billion a day beyond what we're making. we this huge problem in this country. if it was a house you would throw uppyour arms in distress say, my god, we can never pay all these bills. that is sort of the point. >> i'm not in distress on that. first of all with the tax rrlief for 98% of the americans, we'll turn a reasoned amount of a trillion upwards back into the treasury. that is the first step. secondarily, a lot of economists will m
and that social security has nothing to do with the deficit. it is solvent and until 2037. medicare is solvent until 2024. you think where we're at, i know as i listen then the question would the republicans get anything, i don't even want to use the word conceding coming together on behalf of the american people where 62% believe on november 6th when the race was over the vote was really on whether or not should be a fair tax burden on those --. melissa: i'll give that to you. let's go ahead...
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bill clinton increased taxes from 35 to 39%, started with a $300 billion deficit. ended with a trillion dollar surplus. all of you and i think you on television predictedicted thered be a recession. 23 million jobs later, there was no recession. >> lanny, if what you say is true, that the clinton tax cuts did it, why doesn't barack obama say let's have back all of the clinton tax hikes? let's have back all of the clinton tax increases object on everybody and we'll have a boom because he knows in his heart what he knew in 2010. you raise taxes on everybody, and a weak economy like we've got and you will send it into the dumpster. that's what he's threatening to do. >> that's a fair point. that's the reason it's a weak economy. when bill clinton raised taes and ended up with a surplus, conservatives like yourself loved the fact we had a surplus underather than under the last o administrations. we now have a $16 trillion national debt. >> one question, lanny. under bill clinton, they cut defense spending from reagan 6% of gdp to 3%. cut it in half as a percentage of t
bill clinton increased taxes from 35 to 39%, started with a $300 billion deficit. ended with a trillion dollar surplus. all of you and i think you on television predictedicted thered be a recession. 23 million jobs later, there was no recession. >> lanny, if what you say is true, that the clinton tax cuts did it, why doesn't barack obama say let's have back all of the clinton tax hikes? let's have back all of the clinton tax increases object on everybody and we'll have a boom because he...
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the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial spending cuts, substantial tax increases at a time when the dme is still very weak. of course that's a recipe for sliding back into recession. we set ourselves up with the land mine and the road in front of our economy which is not based on anything real, it's just based on our politicalness. >> ifill: speaking of political mess, both sides have what they say are opening gambits on the table. president obama at least his last week which calls for $1.6 trillion in revenues. the republicans came back with their own yesterday. as you look
the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial...
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and he ran on a plan by saying that those savings would then be aplayed to deficit -- applied to deficit reduction, which we know is so critical. and we saw what people thought about that. he was reelected by a wide margin. the american people want us to come together, to work together in a bipartisan way to reduce the deficit, and they support the approach that starts by making sure that middle-class families are not once again asked to pay for the full burden of what needs to be done. they support an effort that says, extend tax cuts for middle-class families and ask those at the very top, who have gotten extra tax cuts, to forego those and chip in to be part of the larger deficit reduction solution. unfortunately, yesterday, speaker boehner ignored this when he offered a republican counterproposal to the president's proposal that would essentially raise taxes on middle-class families and cut medicare for our senior citizens. as senator reid said yesterday, it flunks the test of balance. to get the kind of revenue to reduce the deficit that is needed, and that we all agree on has to be
and he ran on a plan by saying that those savings would then be aplayed to deficit -- applied to deficit reduction, which we know is so critical. and we saw what people thought about that. he was reelected by a wide margin. the american people want us to come together, to work together in a bipartisan way to reduce the deficit, and they support the approach that starts by making sure that middle-class families are not once again asked to pay for the full burden of what needs to be done. they...
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balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer
balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when...
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our deficit is $1 trillion. soledad, that's the problem. republicans have put forward budgets, voted for them, willing to be held accountable. democrats have not. president obama has not. >> you won't vote for them. >> nor have any democrats. >> democrats have voted for those budgets and supported those budgets. >> zero to 610 is the vote total of the last three votes on his last three budgets, 0-610. do you think that's a serious proposal? president obama, show us your plan. >> he can't show you a plan he gave you a plan. his plan is not to repeal obamacare. not going to happen. you lost the election, buddy. >> we are out of time. we need to take bob shrum's coffee away, bring everybody back down. we appreciate your time, senator. i love you hashing the numbers with him. he always comes ready to lay it out. >> political reality, it is a very different world than he is laying out. republicans won't consider raising the top rates, it is not your choice anymore. they are going up unless you make a deal that the president accepts. >>> believe
our deficit is $1 trillion. soledad, that's the problem. republicans have put forward budgets, voted for them, willing to be held accountable. democrats have not. president obama has not. >> you won't vote for them. >> nor have any democrats. >> democrats have voted for those budgets and supported those budgets. >> zero to 610 is the vote total of the last three votes on his last three budgets, 0-610. do you think that's a serious proposal? president obama, show us your...
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fewer jobs, larger deficit. as i said last night, it doesn't matter, we can pick our stocks and buy them down. ulta salons, but i want to suggest to other groups that are going to give you bang for the buck, betting that the hope will be squeezed out and the bottom gets put in before a deal is made. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. what are some of the other key areas. asia already turned. i think europe could be stablized. ford is the one to watch. i'm out blessing it. in europe i'm thinking that i'm excited about ford. we have ample evidence today that i'm right. the rates remained too low. and pricing is moving up in california, nevada, arizona all things we learned from the luxury home builder toll today. that is fine. but what i hadn't heard is a demographic play, how the demographics are going to take over. household formation is unnatural and because of the great resection. well, from the delay of creation of new families, which is highly un
fewer jobs, larger deficit. as i said last night, it doesn't matter, we can pick our stocks and buy them down. ulta salons, but i want to suggest to other groups that are going to give you bang for the buck, betting that the hope will be squeezed out and the bottom gets put in before a deal is made. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. what are some of the other key areas. asia already turned. i think europe could be stablized. ford...
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it cuts $2.2 trillion from the deficit over ten years. that number also includes entitlement reforms raising the age for social security and medicare and so forth as well as $800 billion that they say they would throw into the pot in new tax revenue that would come from tax reform, from cutting tax loopholes and the like. joined now, very pleased to have with us california republican ken mccarthy, the house majority whip. congressman, welcome. good to see you this morning. >> thanks for having me. martha: so you put your number out there, you know, all kinds of response across the board this morning saying that it is, you know, equally laughable, ridiculous. there's no way that the white house is going to counter that offer. what do you think about that? >> well, i think that's sad, because think about what this president said when he campaigned. he said he wanted a balanced approach. he said he wanted 800 billion in revenue and 800 billion in revenue we provide. we also provide that balanced approach where he wanted two and a half cuts t
it cuts $2.2 trillion from the deficit over ten years. that number also includes entitlement reforms raising the age for social security and medicare and so forth as well as $800 billion that they say they would throw into the pot in new tax revenue that would come from tax reform, from cutting tax loopholes and the like. joined now, very pleased to have with us california republican ken mccarthy, the house majority whip. congressman, welcome. good to see you this morning. >> thanks for...
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so it calls for $2.2 trillion in deficit savings, this is over the next decade. including $800 billion from tax reforms. $600 billion from medicare reforms. and $600 billion in spending cuts. but the white house quickly said, no way, because the deal doesn't contain tax hikes for the wealthiest americans. brianna keilar live from washington this morning. and brianna, are we beyond political posturing to the point where we have reached a stalemate? >> there is a lot of posturing going on and there is an impasse, obviously. at this point you have the white house saying they're not going to discuss specifics on entitlement reform with house republicans until they capitulate on increasing the income tax rates for wealthy americans. so there is an impasse but there's a lot of posturing. the offer of the white house details of which came out last week, and now this counteroffer from house republicans out yesterday. so i think the policy prescriptions here are pretty clear on what has to be done, although both sides are very far apart. if you just listen to what's going
so it calls for $2.2 trillion in deficit savings, this is over the next decade. including $800 billion from tax reforms. $600 billion from medicare reforms. and $600 billion in spending cuts. but the white house quickly said, no way, because the deal doesn't contain tax hikes for the wealthiest americans. brianna keilar live from washington this morning. and brianna, are we beyond political posturing to the point where we have reached a stalemate? >> there is a lot of posturing going on...
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he does not want to address the deficit. he should be calling for tax rate increases across the board and the elimination of many of the deductions that currently deprive the treasury of quite a bit of revenue. there is a lot of talk about how raising the tax rate for the top tier of newcomers will bring in -- income earners wil bring in like de dollars billion per year. at the same time -- in like $80 billion. the losses from the mortgage rate deduction is on the order of $100 billion per year. i believe president obama really wants to spend more money. spending is so important that he has to call for shared sacrifice across the board rather than targeting a very small portion of the population and asking them to pay all the bills for the programs that he wants to spend on. host: do you agree with the grover norquist tax pledge to not raise taxes? caller: in service of the tax rates? yes, i do. i am also left scratching my head because i believe when the bush tax cuts were put into effect that many democrats oppose those as
he does not want to address the deficit. he should be calling for tax rate increases across the board and the elimination of many of the deductions that currently deprive the treasury of quite a bit of revenue. there is a lot of talk about how raising the tax rate for the top tier of newcomers will bring in -- income earners wil bring in like de dollars billion per year. at the same time -- in like $80 billion. the losses from the mortgage rate deduction is on the order of $100 billion per...
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not a driver of the deficit but, hey, cut that. one more specific. preserve the bush-era tax rates for income over $250,000. it's not a tax increase for everybody who earns over $250,000. it's only the income over $250,000 that would get additional taxes if the bush-era rates went away and the president's proposal was passed. but, no, they want to preserve -- totally preserve tax cuts for income over $250,000. they want to preserve the reduced capital gains rate and dividends rate which principally who ben pets, who else, millionaires and billionaires. now -- benefits, who else, millionaires and billionaires. they did have the jay wellington wimpy plan. you remember him? popeye. i will pay you for a hamburger today. unspecified tax loopholes. we will lower the tax rates for the people on the top. but they'll raise over $800 billion. the ability to deduct the interest on their home mortgage, do they want to take that away? probably. got to come from something pretty big. they don't want to touch the billionaire, millionaire job creator class. now, you
not a driver of the deficit but, hey, cut that. one more specific. preserve the bush-era tax rates for income over $250,000. it's not a tax increase for everybody who earns over $250,000. it's only the income over $250,000 that would get additional taxes if the bush-era rates went away and the president's proposal was passed. but, no, they want to preserve -- totally preserve tax cuts for income over $250,000. they want to preserve the reduced capital gains rate and dividends rate which...
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. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not going to be able to get it done unless we also ask the wealthiest households to pay higher taxes on their income officials $250,000. the same rate we had when bill clinton was president and our economy kree aed nearly 23 million new jobs. >> and there are reports that republicans are considering a doomsday plan should talks break down. according to senior republican sources the gop would allow a vote on extending bush tax cuts for the middle class and nothing more. under one variation of this plan, house republicans would vote present on the bill to voice their disapproval but still allowing it to pa
. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not going to be able to get it...
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you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like. because not only does it go to 39.6 on the wealthy which i support, but it also goes back to what people were paying when bill clinton was president for the middle-class and the truth of the matter is no matter what people said in the election, you cannot solve this deficit problem without everybody paying more taxes not just rich people. >> you can go to 100% and not 39.6. you'd like to in a perfect world, i know you, you would like to go to 100%. but you're not going to be able to do that. >> only on television personality. >> you go from raising, like, $80 billion a year which on a trillion dolla
you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like....
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, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later on today to congress to give them some ideas of ways we think governors can help and also we think it's important that the governors have a seat at the table because ultimately it's the states that will also feel the effect of what happens in washington, d.c. >> you made that point, governor. i'm curious about the line in the sand for the president, and i'm sure he expressed his thoughts on the tax rate for those who make over $250,000. that revenue is needed. without, i guess, endorsing one plan over the other, where do you stand
, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later...
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reduction, support adding to the deficit with high-end tax cuts. in rhode island at least, those are lousy priorities when it comes to deficit reduction. we should let the tax cuts at the top expire for reasons also of fairness. loopholes and special provisions allow many super high income earners to pay lower tax rates than many middle-class families. according to the nonpartisan congressional research service, 65% of individuals earning a million dollars or more annually pay taxes at a lower rate than median income taxpayers making $100,000 or less. 65%, nearly two-thirds, of individuals earning over a million dollars a year actually pay a lower tax rate than median income taxpayers do. that is a tax system that has turned upside-down and needs to be fixed. earlier this year, a majority of senators voted to advance my "paying a fair share act," the buffett rule bill to ensure that multimillionaire earners pay at least a 30% effective federal tax ray. the rate they're supposed to pay is 35% under the income tax laws but because of all these loopho
reduction, support adding to the deficit with high-end tax cuts. in rhode island at least, those are lousy priorities when it comes to deficit reduction. we should let the tax cuts at the top expire for reasons also of fairness. loopholes and special provisions allow many super high income earners to pay lower tax rates than many middle-class families. according to the nonpartisan congressional research service, 65% of individuals earning a million dollars or more annually pay taxes at a lower...
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the goal is to not get rid of the budget deficit. lots of people do not want to get rid of the budget deficit. they want to get it down to a manageable level. opinions differ. you can make a big dent through closing or reducing the loopholes. host: do you expect them to play a role? could they end up on the chopping block? guest: republicans have put them on the table. i think you probably will see some of both. this is a process that will go on for the better part of the next year. during that process, you will see some of both. host: john mckinnon is a reporter for "the wall street journal." here are the numbers to call. republicans, 202-585-3881. democrats, 202-585-3880. independent callers, 202-585- 3882. host: we continue our low-cost at taxables and deductions. curtis dubay is, from the heritage of foundation and charles marra is from the center for budget and policy board reported. thanks to both of you for being here this morning. curtis dubay, how important our deductions? guest: we're so focused on how we can avoid raising
the goal is to not get rid of the budget deficit. lots of people do not want to get rid of the budget deficit. they want to get it down to a manageable level. opinions differ. you can make a big dent through closing or reducing the loopholes. host: do you expect them to play a role? could they end up on the chopping block? guest: republicans have put them on the table. i think you probably will see some of both. this is a process that will go on for the better part of the next year. during that...
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we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring. and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though, when we look at these numbers, a
we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring....
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or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti deduction, there are some reasons, fairly good reasons why you would want to think twice. you know, are you going to go after home mortgage deduction at a time when the housing industry is trying to get its feet? are you going to go after the exemption on taxation for health insurance? i mean, that's the biggest one, actually. that's like $250 billion a year. but i don't think anybody wants to dive back into that at this point. so, you know, how else are you going to do it? >> arianna, can i just say that -- and this is -- i guess i've been articu
or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti...
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they say their plan would cut $2.2 trillion from the federal deficit over ten years. with $600 billion in health care cuts, $300 billion in cuts to mandatory spending and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich, bringing in $1.6 trillion. republicans want to close tax loopholes and eliminate deductions, which they say will raise $800 billion in new revenue. >> the president has a huge responsibility to work together with congress and find a solution to avert the fiscal cliff. >> reporter: and they say it's now up to the president to find a plan that can pass both chambers of congress. so now that each side has rejected the other's first offer, it's going to be interesting and important to watch the timing of the next offer on the part of the white house to reall
they say their plan would cut $2.2 trillion from the federal deficit over ten years. with $600 billion in health care cuts, $300 billion in cuts to mandatory spending and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says...
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well, we're all going to put our heads in the sand and say that entitlement are not the drivers of the deficit. >> you don't think he put enough detail on the entitlements? >> no. >> we'll ask him that when he comes back. our question of the day is how many current senators are named john? any spelling of the name counts. the answer is 12. isakson, kyl, boozman, mccain, tester, thune, reed, and rockefeller. that's not counting the two senators whose last name is johnson. you didn't have to come over! actually, honey, i think i did... oh? you did? whoa, ladies, easy. hi. cascade kitchen counselor. we can help avoid this with cascade complete pacs. see, over time, cascade complete pacs fight film buildup two times better than finish quantum. to help leave glasses sparkling shiny! too bad it doesn't work on windows. okay, i'm outta here. cascade. the clear choice. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forg
well, we're all going to put our heads in the sand and say that entitlement are not the drivers of the deficit. >> you don't think he put enough detail on the entitlements? >> no. >> we'll ask him that when he comes back. our question of the day is how many current senators are named john? any spelling of the name counts. the answer is 12. isakson, kyl, boozman, mccain, tester, thune, reed, and rockefeller. that's not counting the two senators whose last name is johnson. you...
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jenna: "happening now", house republicans are putting their offer on the table to cut the deficit and avoid the fiscal cliff. it calls for collecting an additional $800 billion in revenue over 10 years without raising tax rates. and that's balanced by the reduction of $800 billion in spending from federal programs. a lot of ins and outs there. we just tried to boil it down for you because in all the republican plan will cut the deficit by $1.6 trillion. so far democrats are uninspired by this. here is what democratic congressman chris van hollen of maryland had to say last night on "special report". >> the big difference, bret, between the way the president proposed to deal with medicare and the republicans, the republican plan, their definition of reform is simply to pass rising health care costs onto the backs of seniors. our view, you can modernize the medicare system to change incentives to move a system not strictly fee-for-service. jenna: congresswoman cathy mcmorris rodgers from washington state, congresswoman, is that what you're trying to do? >> we're about saving these entit
jenna: "happening now", house republicans are putting their offer on the table to cut the deficit and avoid the fiscal cliff. it calls for collecting an additional $800 billion in revenue over 10 years without raising tax rates. and that's balanced by the reduction of $800 billion in spending from federal programs. a lot of ins and outs there. we just tried to boil it down for you because in all the republican plan will cut the deficit by $1.6 trillion. so far democrats are uninspired...
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the white house quickly rejected the $2.2 trillion deficit reduction plan, that would raise $800 billion in tax revenue over the next decade. but the plan calls for raising the revenue without raising tax rates on top income earners, something the white house views as unacceptable. during a photo op, the president avoided questions about the gop plan. >> no deal better than a bad deal, sir? >> reporter: a senior white house official called the proposal a step backwards. saying if republicans do not agree to some higher tax rates for the wealthy, the nation will go over the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress was working, i would probably lose
the white house quickly rejected the $2.2 trillion deficit reduction plan, that would raise $800 billion in tax revenue over the next decade. but the plan calls for raising the revenue without raising tax rates on top income earners, something the white house views as unacceptable. during a photo op, the president avoided questions about the gop plan. >> no deal better than a bad deal, sir? >> reporter: a senior white house official called the proposal a step backwards. saying if...
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inform rainfall deficit. more on the way. doppler shows rain up to the north. light moderate at the moment but moving in our direction and some push into much of nrn part of the satellite tomorrow and wet. dry warm down south and bay area tomorrow look for light rain or showers over the north bay for much of the day. high pressure there only in the 50's. we see 60's in other parts of the bay area tomorrow east bay and south bay and may not rain at all. here's the 7 day forecast. even wetter weather on wednesday parts of the bay area and dry weather for thursday through the weekend. with possible exception chance of showers on sunday. >> okay thanks spencer have even. >> larry its off. mike is in with all the sports. 49ers have even more of a question. >> it's going to be interesting. we have yet another quarterback quandary with the frainers. collin got third straight start yesterday against the ram. didn't have his best day growing pains not his best day growing pains not georgia thing (car horn) paying with your smartphone instead of cash... (phone rings) tha
inform rainfall deficit. more on the way. doppler shows rain up to the north. light moderate at the moment but moving in our direction and some push into much of nrn part of the satellite tomorrow and wet. dry warm down south and bay area tomorrow look for light rain or showers over the north bay for much of the day. high pressure there only in the 50's. we see 60's in other parts of the bay area tomorrow east bay and south bay and may not rain at all. here's the 7 day forecast. even wetter...
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. >> they instigated deficit reduction it has been tough times, britain with a double dip recession this year, so, it is all about shared sacrifice, everyone from the queen, doing their bit. neil: does the queen sacrifice? >> she seen as not taking -- but all about everybody on the budget. then you have starbucks that found out, you can't move the starbucks in britain, taking away a lot of traditional british tea shops have you starbucks. it has moved in over a third of coffee shops are starbucks. past 14 years starbucks paid lesser than 1% in corporate tax rates. neil: in britain. is it legal? >> it is legal, but the loopholes have to close, to be fair to starbucks, they realized this is p, suicide, they said we do need to pay more, it will be interesting whether google and amazon will follow. neil: i am not a fan of any company that is charges $7 for a cup of coffee. it has to be made out of gold. then you could not drink it i am wondering. it seems to me, there is a disproportionate emphasis on raising taxes, the rate they brought to $55, they over did the fees, and charges and excise
. >> they instigated deficit reduction it has been tough times, britain with a double dip recession this year, so, it is all about shared sacrifice, everyone from the queen, doing their bit. neil: does the queen sacrifice? >> she seen as not taking -- but all about everybody on the budget. then you have starbucks that found out, you can't move the starbucks in britain, taking away a lot of traditional british tea shops have you starbucks. it has moved in over a third of coffee shops...
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end, you want to see the left and the right come together and find a credible plan in reducing the deficit but avoiding actually falling off a cliff at the end of the year. it's very possible that they don't reach an agreement between now and january 1st. however, when january 15th hits and most americans receive their first paycheck and they notice it's actually lower, i think hell is going to break loose. as a result of that, they'll come back to the table and reach an agreement. >> i think don't panic is good advice, but i don't see what the problem is with taking a little cash off the table here and putting it on the side and waiting to see if we do get a major adverse market reaction to them putting that cash to work once we get a resolution. >> this is what makes a market. thank you for your divergent thoughts on the market today. see you later. thanks. >>> when we come back, we have the closing countdown already for this tuesday. >> then, we're watching netflix. the stock surging today on a deal with disney. is the stock move justified? we'll check it out. more on that straight ahea
end, you want to see the left and the right come together and find a credible plan in reducing the deficit but avoiding actually falling off a cliff at the end of the year. it's very possible that they don't reach an agreement between now and january 1st. however, when january 15th hits and most americans receive their first paycheck and they notice it's actually lower, i think hell is going to break loose. as a result of that, they'll come back to the table and reach an agreement. >> i...
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it totals $2.2 trillion in deficit reduction over ten years. the part that stood out to us was $600 billion in proposed savings in medicare reforms. how? in part by raising the age of eligibility to 65 to maybe 67. turning down the gop proposal, dan pfieffer said, quote, it provides no details on which deductions they would eliminate, which loopholes they will close or which medicare savings they would achieve." let's head now to the white house and dan lothian. the white house will not offer a counter proposal, right? what's going on here? >> reporter: well, you know, i think the white house is digging in. the president said early on in this process that he would only sit down and really move forward, negotiate on this in any meaningful way if the tax hikes for the wealthy expired. and republicans have been pushing back on that -- tax breaks rather for the wealthy expired and republicans have been pushing back on that, say they go believe that will be harmful for the economic recovery because wealthy americans are the ones who are creating the
it totals $2.2 trillion in deficit reduction over ten years. the part that stood out to us was $600 billion in proposed savings in medicare reforms. how? in part by raising the age of eligibility to 65 to maybe 67. turning down the gop proposal, dan pfieffer said, quote, it provides no details on which deductions they would eliminate, which loopholes they will close or which medicare savings they would achieve." let's head now to the white house and dan lothian. the white house will not...
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this is why medicare down the road adds so much to the federal budget deficit. so republicans say raise the retirement age to 67 or means testing, meaning making more wealthy americans pay more into the system or get less out of the system. if you means test, that means you're paying less out to affluent americans. if you raise the retirement age, you're paying out less as money comes in and keeping the revenue line closer to the cost line. that is the goal. so when you do a 10 or 20-year calculation, medicare is not adding to the deficit. but that's the policy and just as republicans are having a backlash against the speaker saying we don't think we should put tax increases on the table, the democrats and some of the new members in congress, they say they ran promising not to touch medicare. so they say they won't do this. so you have the credibility challenge. republicans say give us entitlement and other spending cuts and the democrats want higher tax rates. that's why we have a stalemate. >>> an internet icon wanted in connection with the killing of his neig
this is why medicare down the road adds so much to the federal budget deficit. so republicans say raise the retirement age to 67 or means testing, meaning making more wealthy americans pay more into the system or get less out of the system. if you means test, that means you're paying less out to affluent americans. if you raise the retirement age, you're paying out less as money comes in and keeping the revenue line closer to the cost line. that is the goal. so when you do a 10 or 20-year...
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governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover norquist pledge which says you cannot tax that 2% more than anybody else. you can't increase the taxes. so we're at a stalemate and someone has to give and i don't see anyone giving right now. >> bank of america today commented on the let's jump crowd. the bungee jump crowd for which they think is a scenario. >> you wonder how much of that is in negotiating position. embraced early on by senator schumer, new york
governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president...
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the only thing bigger than the budget deficit is the trust deficit in washington. christine romans, cnn, new york. >>> developing now, nato allies say they have grave concerns that syria's government could be preparing to do precisely what so many have been fearing, unleash the chemical weaponry on its own people. president obama issuing a stern warning after intelligence reports suggest that president bashar al assad's regime is mixing these chemicals to make the deadly, deadly gas called sarin. >> today i want to make it absolutely clear to assad and those under his command, the world is watching. the use of chemical weapons is and would be totally unacceptable. and if you make the tragic mistake of using these weapons, there will be consequences and you will be held accountable. >> former british prime minister tony blair echoing the concerns earlier today on cnn. >> there are a lot of people dying. now the death toll probably would be around 40,000 since this began, since a large number of people. but if there was any sense at all that assad was going to use ch
the only thing bigger than the budget deficit is the trust deficit in washington. christine romans, cnn, new york. >>> developing now, nato allies say they have grave concerns that syria's government could be preparing to do precisely what so many have been fearing, unleash the chemical weaponry on its own people. president obama issuing a stern warning after intelligence reports suggest that president bashar al assad's regime is mixing these chemicals to make the deadly, deadly gas...
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. >> deficit gabor supplies is expected to make its final decision on the to dry banyan on nudity. plenty of people will be on hand today as a surprise meeting. and many will oppose the ban, a plan to strip down the meeting. it would not be the first time. last month the board initially approved the ban on nude with a narrow 65 vote. several people took off their clothes and protests. if the ban is finalized, it would take effect on february 1st. i was start on that-that at one under dollars and go up with each additional fence. >> this is a live picture of where the munies' in line goes on the ground. commuters please take note this morning we will be right back. bareback with national news at 4:25 a.m.. the proposal was rejected by the white house. it would reportedly shave one and two trillion out on the deficit over the next decade the proposal includes cuts from programs like medicare and pulsating star tax reform. in a statement white house official said the plan is a fair and balanced as the middle class with the bill. president obama has said any deal must raise taxes on th
. >> deficit gabor supplies is expected to make its final decision on the to dry banyan on nudity. plenty of people will be on hand today as a surprise meeting. and many will oppose the ban, a plan to strip down the meeting. it would not be the first time. last month the board initially approved the ban on nude with a narrow 65 vote. several people took off their clothes and protests. if the ban is finalized, it would take effect on february 1st. i was start on that-that at one under...
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continuance of what he proposed throughout the campaign, a balanced and responsible approach to resolving the deficit. >> unfortunately, the speaker's proposal right now is still out of balance. you know, he talks, for example, about $800 billion worth of revenues, but he says he's going to do that by lowering rates, and when you look at the math, it doesn't work. >> nbc's kristin welker joins us now from the white house. kristin, republicans keep calling for the president to come into the negotiating table, but if speaker boehner repeatedly puts out proposals that refuse to raise tacks on the wealthiest of americans, then the president has made it clear there's no point in hosting a discussion, hasn't he? >> he has. and right now the president's senior administration officials still believe that the president has the leverage in this argument because he won re-election, because he ran on this very platform of increasing taxes for the wealthiest americans, and also because if you look at the polls, the majority of americans agree with them. house speaker john boehner saying i have put my best offer o
continuance of what he proposed throughout the campaign, a balanced and responsible approach to resolving the deficit. >> unfortunately, the speaker's proposal right now is still out of balance. you know, he talks, for example, about $800 billion worth of revenues, but he says he's going to do that by lowering rates, and when you look at the math, it doesn't work. >> nbc's kristin welker joins us now from the white house. kristin, republicans keep calling for the president to come...
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when the president and congressional democrats talk about the need for balanced approach, to deficit reduction and dealing with the fiscal cliff, we're talking about fairness. we're talking about making sure that if you work hard and play by the rules everyone has a chance to succeed. that the middle class needs certainly tight right now. speaker pelosi and my colleague congressman tim walls, filed a discharge petition today to take the bill that we have, that has already passed the senate, that grants certainty to the middle class, to take that bill up and make sure that we can extend the middle class tax breaks before the holidays where we can give -- that's what everyone agrees on. i don't know any republican or democrat that thinks we should let those tax rates -- tax cuts for the middle class expire. so we should pass that now. and then on the things that we're having more trouble agreeing on, we should sit down at the table. the one thing i can assure you, the president and democrats in congress, have consistently said, we're not going to do this -- there is no my way or the hi
when the president and congressional democrats talk about the need for balanced approach, to deficit reduction and dealing with the fiscal cliff, we're talking about fairness. we're talking about making sure that if you work hard and play by the rules everyone has a chance to succeed. that the middle class needs certainly tight right now. speaker pelosi and my colleague congressman tim walls, filed a discharge petition today to take the bill that we have, that has already passed the senate,...
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63% of the american people on election day were opposed to raising taxes to quote/unquote reduce the deficit which is what we're being asked to do. so if you ask -- if you ask people if they raise taxes will they just spend it? most americans think they'll just spend it. if you raise taxes on the rich, do you think they'll also raise taxes on the middle class? most americans think that's true as well. you have to take the question several levels. the american people understand if you tax the rich, be the democrats haven't finished the sentence. tax the rich first. obama, if he got his taxes on the rich, is still $8 trillion short over the next decade. that's where the energy taxes he's going to present and the value added tax that ultimately turns us into a european welfare state only of that can pay for obama's sized government. >> wow. grover, unfortunately we have to leave it there. our discussion of unicorns will continue, i'm sure, at least up until december 31st. thank you for joining us today as always. >> you got it. >> after the break, offer ver ses counteroffer. we will break both
63% of the american people on election day were opposed to raising taxes to quote/unquote reduce the deficit which is what we're being asked to do. so if you ask -- if you ask people if they raise taxes will they just spend it? most americans think they'll just spend it. if you raise taxes on the rich, do you think they'll also raise taxes on the middle class? most americans think that's true as well. you have to take the question several levels. the american people understand if you tax the...
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principality did everything they had to do in terms of protecting lives, but the delicate a structural deficit that the expenditure triggered that without that are basically enough firemen and police. president of on this prompt declaration was much appreciated because it took some of the doubt about whether spending money was going to rebound homering again. if we can look at the per capita threshold that triggers the high reimbursement, the fact is communities deserve that. they've experienced in historic repetition of bad weather that is really now starting to hit home and muscle in terms of the ability to provide basic functions for local government. thank you for holding this hearing and look forward to record the senate and house bipartisan groups to get the right response. >> representative, thank you. as a former member local government, there's so many times you go to the well. as a small tax base coming out of a recession with receipts are down. you make an important point this committee won't be dealing with supplemental directly. indirectly we will because so many of us, not myself
principality did everything they had to do in terms of protecting lives, but the delicate a structural deficit that the expenditure triggered that without that are basically enough firemen and police. president of on this prompt declaration was much appreciated because it took some of the doubt about whether spending money was going to rebound homering again. if we can look at the per capita threshold that triggers the high reimbursement, the fact is communities deserve that. they've...
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coalition for pasqual national security will focus on how the national security is impacted by the deficit. mike mullen will testify along with others. later, the center for strategic international studies host a forum on u.s. relations with china in light of china's leadership transition. that is at 5:30 eastern p.m.. ♪ >> this weekend on c-span 3, follow harry truman's grandson to hiroshima as the city celebrates -- remembers the dropping of the bomb. >> everybody has their own view. i do not want to argue about the history. i think we are past that. my goal and purpose for being here is to honor the dead and listen to the living. i want to do what i can add to make sure this does not happen again. >> we will discuss meetings with a bomb survivors and the inspiration for his trip. that is on c-span 3 on sunday at 9:00 eastern. >> are reported by the group -- ring america's future members of the group, a political and business leaders, are suggesting a plan of maximizing oil and gas production, reducing consumption, and improving conservation as a way to boost revenue and reduce our deb
coalition for pasqual national security will focus on how the national security is impacted by the deficit. mike mullen will testify along with others. later, the center for strategic international studies host a forum on u.s. relations with china in light of china's leadership transition. that is at 5:30 eastern p.m.. ♪ >> this weekend on c-span 3, follow harry truman's grandson to hiroshima as the city celebrates -- remembers the dropping of the bomb. >> everybody has their own...
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we all want to reduce the deficit, and if you look at where the tax rates were in the clinton administration with the highest and most sustained economic growth in the history of the country, that's where they went to and maybe there's a compromise there where they wouldn't even go that high, but to say they're not going to expire at all, we'll do what we have been doing, that's an unsustainable position. dennis: all right, you know what? i appreciate it, we have to wrap it up. i appreciate you both came on here together today. thank you very much for being here, and keep working at it. we need your help. >> have a good one. >> thanks. cheryl: more on breaking news from egypt. look at the pictures coming out of cairo. at this point, an estimated 50,000 protesters are in tahrir square chaptering down with morsi and the constitution. he rammed through a referendum, a draft constitution, supposed to be september 15th; we'll see, and groups, parties, just many members of the public in egypt taking part now. we learned moments ago that president morsi left the palace according to a report we just
we all want to reduce the deficit, and if you look at where the tax rates were in the clinton administration with the highest and most sustained economic growth in the history of the country, that's where they went to and maybe there's a compromise there where they wouldn't even go that high, but to say they're not going to expire at all, we'll do what we have been doing, that's an unsustainable position. dennis: all right, you know what? i appreciate it, we have to wrap it up. i appreciate you...
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so we're going to be in the 20s as far as deficits going forward. i think they're taunting markets. i'm hoping we don't wake up one day and markets look at what is going on here and fire right back at them. tracy: you know what? you're not wrong. that is going to happen. between that and the bond bubble bursting we have a lot to look forward to in the new year. gary kaltbaum, kaltbaum capital management. >> my pleasure, thank you. ashley: every deal is a scam, a shell game and he's right. tracy: yeah. ashley: guess what? banks are bouncing back. the third quarter proving very profitable for some of the industry's biggest names but are we out of the woods just yet? gerri willis joins us ahead to talk about that. tracy: first as we do every day at this time of day look how oil is trading. it is basically flat. $88.82 a barrel. we'll be right back. ashley: it is time to make money with charles payne. this hour we're looking at pet health specialists pet med express. charles, how fat is joe is the question? tracy: ah, fat joe. >> fat joe. i told tracy, i don't know if i told you about a
so we're going to be in the 20s as far as deficits going forward. i think they're taunting markets. i'm hoping we don't wake up one day and markets look at what is going on here and fire right back at them. tracy: you know what? you're not wrong. that is going to happen. between that and the bond bubble bursting we have a lot to look forward to in the new year. gary kaltbaum, kaltbaum capital management. >> my pleasure, thank you. ashley: every deal is a scam, a shell game and he's right....
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. >> john boehner sent a proposal that offers more than $2 trillion in deficit reductions but no tax increase. >> he will not sign an extension of the bush era tax cuts for the top 2%. >> folks worried about the fiscal cliff, are you like me? are you worried about it and have no idea what it is? >> according to state tv iran's revolutionary guard captured a u.s. drone after it entered the iriranian air space over the persian gulf. >> but u.s. navy official says there are no missing drones. >> prince william and his wife katherine, expecting their first child. >> after the duchess was admitted to hospital. >> that child could grow up to be one of the most powerful unemployed people in the world. >> a search is under way in new york for a man accused of pushing another man to his death in the subway. >>> rg3, he made opportunities. >> 17-16 washington redskins. >> all that -- >> why don't you shut up? >> you are an embarrassment. >> please shut up. just shut up. >> you shut up. >> that got annoying at the end. >>> and all that matters. >> let the speculation begin. will and katherine a
. >> john boehner sent a proposal that offers more than $2 trillion in deficit reductions but no tax increase. >> he will not sign an extension of the bush era tax cuts for the top 2%. >> folks worried about the fiscal cliff, are you like me? are you worried about it and have no idea what it is? >> according to state tv iran's revolutionary guard captured a u.s. drone after it entered the iriranian air space over the persian gulf. >> but u.s. navy official says...
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and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee. always good to see you, mr. quest. always making it simple for us. richard quest in london. probably didn't pay for that coffee. >>> over the weekend, the palestinians celebrated their new status recognized by the united nations. the joy short-lived. how israel's decision to pursue even more settlements in the west bank and east jerusalem may kill any hopes of peace. we'll dive deep lie into this issue. >>> rp says it's not changing plans for the controversial housing development in east of jerusalem also developments in east jerusalem. this is despite getting a diplomatic mackdown recently from austral
and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee....
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what the outlying house republican states is $2.2 trillion in deficit reduction. that includes 1.2 trillion in spending cuts. $800 billion in new revenue. optimistic projections. and $200 billion in other measures, such as adjusting the consumer price index. but house republicans say if the president doesn't like this, it's incumbent upon him to offer a plan that can make it through the house and the senate. >> the white house says they want to see the republicans first say that tax rates are going to go up. is there any prospect of a face-to-face meeting between the president and house speaker john boehner in the coming days? and how are they getting along these days? >> reporter: it's unclear how well they're getting along. but speaker boehner did come to the white house for the party at the white house. for the annual congressional party for christmas. but this year, speaker boehner did not pose for a photograph with president obama. that raised some eyebrows certainly. it doesn't seem the two are getting along very well. but at some point, president obama will
what the outlying house republican states is $2.2 trillion in deficit reduction. that includes 1.2 trillion in spending cuts. $800 billion in new revenue. optimistic projections. and $200 billion in other measures, such as adjusting the consumer price index. but house republicans say if the president doesn't like this, it's incumbent upon him to offer a plan that can make it through the house and the senate. >> the white house says they want to see the republicans first say that tax rates...
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the republicans plan would cut $2.2 trillion from the deficit, which is about $600 billion more than the president's plan. it would raise the eligibility age for medicare from 65 to 67. and lower the annual cost of living increases for social security benefits. south carolina senator lindsey graham says those two programs have to be brought under control. >> if we adjusted the age of retirement over the next 30 years like ronald reagan and tip o'neil adjusted the cpi index and means tested benefits, we could save medicare and social security from insolvency and people need the programs. the good news is, we would get our kids and grandkids out of the situation of becoming greece. >> the president's aides not surprisingly quickly rejected the plan which republicans say would bring in $800 billion in higher tax revenue without raising rates. white house communications director said, quote, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. press secretary jay carney said mr. obama is determined to phase out the bush administration tax cuts fo
the republicans plan would cut $2.2 trillion from the deficit, which is about $600 billion more than the president's plan. it would raise the eligibility age for medicare from 65 to 67. and lower the annual cost of living increases for social security benefits. south carolina senator lindsey graham says those two programs have to be brought under control. >> if we adjusted the age of retirement over the next 30 years like ronald reagan and tip o'neil adjusted the cpi index and means...
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social security has not contributed to the deficit. social security should not be on the table. these guys hate social security so much, they want to get rid of social security and medicare so much that everything they put forward has to have cuts in medicare and social security. so that's a nonstarter. the president has said he's not going to touch social security. the president said he's not going to raise the eligibility age for medicare. and the president has also said jay carney said it again yesterday, he's not even going to consider any bill that continues tax rates for the wealthiest of americans. >> he will not sign an extension of the bush era tax cuts for the top 2%. full stop. >> bill: full stop. >> this is what i don't get about this. this is not some new idea. this is not something that obama is you know, pulling out of the clear blue sky. it is something he ran on. this is what the election was about. >> bill: and the people voting. >> overwhelmingly. >> bill: we have to go back to the beginning. these tax cuts were enacted by george w. bush in 2001. still a bad i
social security has not contributed to the deficit. social security should not be on the table. these guys hate social security so much, they want to get rid of social security and medicare so much that everything they put forward has to have cuts in medicare and social security. so that's a nonstarter. the president has said he's not going to touch social security. the president said he's not going to raise the eligibility age for medicare. and the president has also said jay carney said it...
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obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> reporter: -- a senior white house official assailed it as a step backward, saying if republicans do not agree to some higher rates for wealthier taxpayer, the nation will go over the cliff, and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck. so the lack of progress is not yet resulted in a market plunge. but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. the official deadline is december 31st at midnight when the ball drops in times square. the deadline is before that, a week from friday when the house of representatives is scheduled to go on vacation. in actuality there are fewer than 11 days before they need to work out a deal. jake tapper, abc new, the white hous
obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> reporter: -- a senior white house official assailed it as a step backward, saying if republicans do not agree to some higher rates for wealthier taxpayer, the nation will go over the cliff, and the american people...